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Exchange Rate Policy in Central and Eastern Europe in the Context of EU Accession1

In: Shaping the New Europe

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  • George Kopits

Abstract

This chapter examines whether it is desirable for, and the ability of, the Central and Eastern European candidates for accession to the European Union (EU) to participate in the new exchange rate mechanism (ERM-2), and eventually in the economic and monetary union (EMU). For most of these countries the benefits of participating in EMU are likely to outweigh the costs. The key conditions for operating within ERM-2 include wage flexibility, a prudent fiscal and monetary stance, and a sound financial system. Once they have met these conditions the candidates will be able to shadow the euro prior to formal participation. The chapter concludes with a discussion of two policy dilemmas.

Suggested Citation

  • George Kopits, 2004. "Exchange Rate Policy in Central and Eastern Europe in the Context of EU Accession1," Palgrave Macmillan Books, in: Michael A Landesmann & Dariusz K Rosati (ed.), Shaping the New Europe, chapter 2, pages 49-83, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52369-2_3
    DOI: 10.1057/9780230523692_3
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    Cited by:

    1. Hochreiter, Eduard & Tavlas, George S., 2004. "On the road again: an essay on the optimal path to EMU for the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 793-816, October.
    2. Ádám Török & Boglárka Konka, 2018. "Episode or Hysteresis? Some Theoretical and Policy Lessons from the Crisis of 2008," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(supplemen), pages 45-70, November.

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